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IoT Platform Market size is set to grow by USD 20.71 billion from 2024-2028, Large-scale benefits of using iot devices boost the market, Technavio

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NEW YORK, Aug. 13, 2024 /PRNewswire/ — The global IoT platform market size is estimated to grow by USD 20.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 26.06% during the forecast period. Large-scale benefits of using iot devices is driving market growth, with a trend towards development of open wi-fi networks. However, rise in privacy and security issues poses a challenge. Key market players include Accenture Plc, Alphabet Inc., Amazon.com Inc., AT and T Inc., Axiros GmbH, Cisco Systems Inc., Davra, Echelon Solutions Group, General Electric Co., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., PTC Inc., Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, and Wipro Ltd..

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IoT Platform Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 26.06%

Market growth 2024-2028

USD 20716.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

21.6

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

APAC at 42%

Key countries

US, China, Germany, Japan, and UK

Key companies profiled

Accenture Plc, Alphabet Inc., Amazon.com Inc., AT and T Inc., Axiros GmbH, Cisco Systems Inc., Davra, Echelon Solutions Group, General Electric Co., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., PTC Inc., Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, and Wipro Ltd.

Market Driver

OpenWireless.org, a cyber activist group, aims to enhance Internet connectivity by encouraging wireless device sharing. Their software converts mobile devices into wireless access points, potentially creating a ubiquitous public network. This could reduce network congestion and allow more simultaneous connections. The group plans to ensure privacy by routing traffic through Tor or VPN and using EAP-TLS encryption. They prioritize router owners’ needs and believe this network could help solve privacy issues, increase IoT adoption, and decrease connectivity issues globally. This initiative could lead to significant market growth for IoT devices during the forecast period. 

IoT platforms are transforming business landscapes by enabling connectivity and communication between various devices and systems. Trending industries like HealthTech, EduTech, FinTech, GamingTech, and Industry 4.0 are embracing IoT technology to enhance operations and customer experiences. Key trends include the integration of AI, 5G, edge computing, and big data. Audio equipment products are now IoT-enabled, allowing real-time monitoring and analytics. Middleware, processing units, memory units, connectivity modules, commercial sensors, actuators, and IoT architecture are crucial components of these platforms. Enterprise IoT platforms cater to large-size organizations, offering device management, data storage, data analytics, and data centers. IoT Carrier 1NCE ensures seamless connectivity. The hybrid segment is gaining popularity, allowing on-premise and cloud deployment. Major players include IoT ecosystem members like Microsoft Azure, IBM Watson, and Google Cloud Platform. IoT architecture includes the IoT carrier, platform, middleware, processing unit, memory unit, connectivity module, commercial sensors, actuators, and data centers. In conclusion, IoT platforms are revolutionizing industries, from Healthcare organizations to Media & Entertainment, by providing efficient device management, connectivity, and data analytics. 

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Market Challenges

IoT platforms are gaining popularity in both consumer and enterprise markets, offering numerous benefits such as automation, efficiency, and real-time data analysis. However, security concerns are a major hindrance to the market’s growth. Hacking IoT devices can result in significant damages, from blackouts caused by compromised smart meters to stolen sensitive information from hacked refrigerators or even dangerous consequences like the leak of vital information from nuclear facilities. In the context of the ongoing COVID-19 pandemic, IoT’s role in prevention and detection is undeniable, with the installation of connected thermometers and networks of sensors to detect outbreaks. However, these advantages come with increased privacy and security risks, as more devices get connected to the internet. Protecting valuable data from the data center to the network edge is crucial to mitigate these concerns and ensure the safe commercialization of IoT devices.IoT platforms are essential for businesses looking to leverage the power of the Internet of Things (IoT). However, implementing an IoT solution comes with challenges. Middleware, processing units, memory, and connectivity modules are key components of an IoT architecture, but choosing the right platform can be complex. IoT Carrier 1NCE and BICS SA/NV offer IoT connectivity, while data centers and cloud solutions handle data storage and analytics. Healthcare organizations use IoT for PPE, medical devices like Medtronic’s ventilator, and connected medical facilities. Olea Sensor Networks’ Elevate, MRFR, and other IoT providers offer solutions for various industries, from consumer to enterprise and industrial IoT. Enterprise IoT platforms cater to large and small businesses, offering on-premises or cloud solutions. IoT connectivity and analytics platforms, as well as integration platforms, are crucial for businesses looking to streamline their IoT implementation. Telecommunications companies and 5G networks enable seamless IoT communication. Microsoft and AWS are among the leading IoT ecosystem players, providing comprehensive IoT solutions for smart manufacturing, infrastructure, retail, transportation, and more.

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Segment Overview 

This iot platform market report extensively covers market segmentation by 

End-user 1.1 Manufacturing1.2 Retail1.3 Healthcare1.4 ICT1.5 OthersDeployment 2.1 Public cloud2.2 Private cloud2.3 HybridGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Manufacturing- The IoT platform market is growing significantly as businesses seek to connect and manage their devices for enhanced efficiency and productivity. These platforms enable real-time data collection, analysis, and actionable insights, leading to improved operations and customer experiences. Major players in this market include Microsoft, IBM, and Amazon Web Services, offering various solutions to cater to diverse industries. Companies invest in IoT platforms to streamline processes, reduce costs, and gain a competitive edge.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) –Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Internet of Things (IoT) Security Market is projected to grow significantly, driven by escalating cyber threats and increased IoT device adoption. As organizations seek to protect sensitive data and ensure operational continuity, the market is expected to expand at a robust CAGR. Meanwhile, the global Podcast Market is witnessing a surge in popularity, fueled by growing consumer demand for on-demand content.

Research Analysis

IoT platforms are essential infrastructure for managing and connecting various IoT devices, sensors, and actuators. They provide middleware, processing units, memory, and connectivity modules to enable seamless communication between different components. IoT architecture includes IoT Carrier 1NCE, MRFR, and other IoT connectivity platforms, as well as IoT analytics platforms with AI capabilities. Industrial IoT (IIoT) and 5G networks play a significant role in industrial automation and real-time data processing. IoT technology integrates commercial sensors, actuators, and edge computing for big data analysis in various sectors, including HealthTech, EduTech, Industry 4.0, and more. 5G networks and IoT devices are revolutionizing industries by enabling faster and more reliable data transfer, leading to new applications and business opportunities. IoT technology is transforming industries by providing real-time insights, automation, and improved efficiency.

Market Research Overview

IoT platforms are essential infrastructure for managing and connecting various devices, sensors, and actuators in the Internet of Things (IoT) ecosystem. These platforms consist of middleware, processing units, memory units, connectivity modules, and commercial sensors. The IoT architecture includes data centers, enterprise IoT platforms, and IoT carrier 1NCE, which facilitate data storage, data analytics, and data communication. Healthcare organizations are significant adopters of IoT technology, with connected medical devices such as Medtronic’s ventilator and Olea Sensor Networks’ Elevate. BICS SA/NV and other IoT carriers provide connectivity for these devices, enabling real-time monitoring and communication between healthcare workers and medical facilities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userManufacturingRetailHealthcareICTOthersDeploymentPublic CloudPrivate CloudHybridGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo

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YIWU, China, July 24, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. The final whistle may have blown on the World Cup, but the intense heat gripping the Northern Hemisphere shows no sign of letting up. Europe has experienced unusually hot weather this year, sparking not only a surge in demand for air conditioners but also a boom in portable handheld fans. Merchants on Yiwugo say that in previous years, European customers would begin placing orders in March or April and take their time completing their annual procurement. This year, however, the purchasing season has stretched well into summer, with a flood of new buyers coming in, most of them looking for small handheld fans. With customers eager to capitalize on the peak summer season, delivery timelines have also become significantly tighter. Whereas orders in previous years could generally be fulfilled within a month, merchants are now frequently being asked to deliver within about a week, leaving manufacturers scrambling to keep pace with demand.

Lingpan Official Flagship Store has specialized in the production and sales of small fans, insulated cups, and related products for 15 years. This summer, demand from European customers for high-speed small fans has risen sharply, accompanied by urgent delivery requirements. Many customers began requesting shipment just one week after placing their orders, hoping the products would arrive in time for the World Cup and the ongoing heatwave across Europe. One long-standing European customer purchased only five models of small fans from Lingpan last year. Anticipating stronger demand ahead of this summer, the customer expanded the order to 10 models. The first shipment sold out soon after arriving at port, prompting several subsequent repeat orders. European buyers have shown particular interest in high-speed cooling fans and placed great requirements on product quality. So far this year, Lingpan’s fan sales have more than doubled compared with the same period last year, with total purchases reaching approximately RMB 1 million.

Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.

Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.

Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.

In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.

Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.

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SOURCE Yiwugo.com

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Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects

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SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.

Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.

“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”

Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:

Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.

With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.

Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.

Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.

Learn more and apply for a grant at benchmarks.snorkel.ai.

About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes. 

media@snorkel.ai

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Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year

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Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.

TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.

The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.

Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house. 

That platform rests on three proprietary pillars:

Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.

The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.

“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”

“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”

The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.

About Payzli

Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.

Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).

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